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Australian Securities and Investments Commission Act 2001

I consider a continuous-time "two-trees" pure-exchange economy with in nite horizon. There is a single consumption good which serves as the numeraire. There are two types of investors who are heterogeneous in endowments, beliefs, and enforcement technology. Heterogeneity in endowments and beliefs provide incentives for trade in the nancial markets, which is driven by risk sharing motives and sentiment, respectively. In contrast, heterogeneity in the enforcement technology provides incentives to stop trading in the nancial markets in particular situations when it is anticipated that a counterparty with poor enforcement technology would be tempted to default on current trades | Australian Securities and Investments Commission Act 2001 Act No. 51 of 2001 as amended This compilation was prepared on 22 September 2006 taking into account amendments up to Act No. 101 of 2006 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing Attorney-General s Department Canberra Contents Part 1 Preliminary 1 Division 1 Objects 1 1 Objects.1 Division 2 Citation 3 1A Short title see Note 1 .3 Division 3 Commencement and application 4 2 Commencement see Note 1 .4 4 Application of this Act.4 4A Application of the Criminal Code.5 Division 4 Interpretation 6 5 Interpretation.6 5A Application of the Acts Interpretation Act 1901.14 6 Giving information.14 Part 2 Australian Securities and Investments Commission and consumer protection in relation to financial services 15 Division 1 Australian Securities and Investments Commission 15 8 ASIC is a body corporate.15 9 Membership.15 10 Chairperson and D eputy Chairperson.16 11 Corporations legislation functions and powers and other functions and powers conferred by the States and Territories.16 12 Directions by Minister.18 12A Other functions and powers.19 Division 2 Unconscionable conduct and consumer protection in relation to financial services 21 Subdivision A Application 21 12AC Division extends to some conduct outside Australia.21 12AD Application of Division to Commonwealth and Commonwealth authorities.22 12AE Saving of other laws and remedies.22 Subdivision B Interpretation 23 12B A Interpretation.23 12BAA Definition of financial product.26 12BAB Meaning offinancial service.31 12BB Misleading representations.36 12BC Consumers.36 12BD Acquisition supply and re-supply.38 Australian Securities and Investments Commission Act 2001 .